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Side-by-side financial comparison of AMERICAN PUBLIC EDUCATION INC (APEI) and P10, Inc. (PX). Click either name above to swap in a different company.
AMERICAN PUBLIC EDUCATION INC is the larger business by last-quarter revenue ($158.3M vs $81.0M, roughly 2.0× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs 8.0%, a 3.7% gap on every dollar of revenue. On growth, AMERICAN PUBLIC EDUCATION INC posted the faster year-over-year revenue change (-3.5% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-15.6M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% CAGR vs 1.3%).
Strategic Education, Inc. (SEI) is an education services holding company and is formerly known as Strayer Education, Inc. The company owns for-profit, online Capella University and Strayer University, as well as non-degree programs schools such as DevMountain, Hackbright Academy, and Sophia Learning.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
APEI vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.3M | $81.0M |
| Net Profit | $12.6M | $9.5M |
| Gross Margin | 56.4% | — |
| Operating Margin | 12.0% | 31.9% |
| Net Margin | 8.0% | 11.7% |
| Revenue YoY | -3.5% | -4.7% |
| Net Profit YoY | -2.7% | 79.0% |
| EPS (diluted) | $0.67 | $0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $158.3M | $81.0M | ||
| Q3 25 | $163.2M | $75.9M | ||
| Q2 25 | $162.8M | $72.7M | ||
| Q1 25 | $164.6M | $67.7M | ||
| Q4 24 | $164.1M | $85.0M | ||
| Q3 24 | $153.1M | $74.2M | ||
| Q2 24 | $152.9M | $71.1M | ||
| Q1 24 | $154.4M | $66.1M |
| Q4 25 | $12.6M | $9.5M | ||
| Q3 25 | $5.6M | $2.1M | ||
| Q2 25 | $4.5M | $3.4M | ||
| Q1 25 | $8.9M | $4.5M | ||
| Q4 24 | $13.0M | $5.3M | ||
| Q3 24 | $2.3M | $1.4M | ||
| Q2 24 | $371.0K | $7.0M | ||
| Q1 24 | $516.0K | $5.0M |
| Q4 25 | 56.4% | — | ||
| Q3 25 | 54.2% | — | ||
| Q2 25 | 51.8% | — | ||
| Q1 25 | 54.5% | — | ||
| Q4 24 | 56.3% | — | ||
| Q3 24 | 50.8% | — | ||
| Q2 24 | 50.2% | — | ||
| Q1 24 | 53.1% | — |
| Q4 25 | 12.0% | 31.9% | ||
| Q3 25 | 5.9% | 14.1% | ||
| Q2 25 | 4.3% | 24.4% | ||
| Q1 25 | 7.4% | 16.6% | ||
| Q4 24 | 13.1% | 26.9% | ||
| Q3 24 | 2.7% | 11.9% | ||
| Q2 24 | 1.5% | 23.7% | ||
| Q1 24 | 3.4% | 18.3% |
| Q4 25 | 8.0% | 11.7% | ||
| Q3 25 | 3.4% | 2.8% | ||
| Q2 25 | 2.8% | 4.7% | ||
| Q1 25 | 5.4% | 6.7% | ||
| Q4 24 | 7.9% | 6.2% | ||
| Q3 24 | 1.5% | 1.9% | ||
| Q2 24 | 0.2% | 9.8% | ||
| Q1 24 | 0.3% | 7.6% |
| Q4 25 | $0.67 | $0.08 | ||
| Q3 25 | $0.30 | $0.02 | ||
| Q2 25 | $-0.02 | $0.03 | ||
| Q1 25 | $0.41 | $0.04 | ||
| Q4 24 | $0.63 | $0.05 | ||
| Q3 24 | $0.04 | $0.01 | ||
| Q2 24 | $-0.06 | $0.06 | ||
| Q1 24 | $-0.06 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $174.1M | $28.2M |
| Total DebtLower is stronger | $94.7M | $373.2M |
| Stockholders' EquityBook value | $294.8M | $403.5M |
| Total Assets | $521.4M | $928.3M |
| Debt / EquityLower = less leverage | 0.32× | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $174.1M | $28.2M | ||
| Q3 25 | $191.3M | $40.0M | ||
| Q2 25 | $174.9M | $33.4M | ||
| Q1 25 | $161.6M | $74.4M | ||
| Q4 24 | $131.9M | $67.5M | ||
| Q3 24 | $135.4M | $61.5M | ||
| Q2 24 | $129.8M | $31.2M | ||
| Q1 24 | $125.3M | $29.0M |
| Q4 25 | $94.7M | $373.2M | ||
| Q3 25 | $94.4M | $393.4M | ||
| Q2 25 | $94.1M | $373.0M | ||
| Q1 25 | $93.7M | $357.2M | ||
| Q4 24 | $93.4M | $319.8M | ||
| Q3 24 | $93.1M | $319.4M | ||
| Q2 24 | $92.8M | $300.6M | ||
| Q1 24 | $95.0M | $314.0M |
| Q4 25 | $294.8M | $403.5M | ||
| Q3 25 | $279.3M | $396.8M | ||
| Q2 25 | $272.2M | $388.9M | ||
| Q1 25 | $310.0M | $374.3M | ||
| Q4 24 | $303.9M | $386.9M | ||
| Q3 24 | $290.4M | $394.1M | ||
| Q2 24 | $288.7M | $396.9M | ||
| Q1 24 | $288.5M | $400.1M |
| Q4 25 | $521.4M | $928.3M | ||
| Q3 25 | $525.3M | $936.0M | ||
| Q2 25 | $537.4M | $932.2M | ||
| Q1 25 | $578.7M | $877.4M | ||
| Q4 24 | $570.1M | $869.3M | ||
| Q3 24 | $569.6M | $857.0M | ||
| Q2 24 | $560.7M | $823.2M | ||
| Q1 24 | $559.0M | $832.8M |
| Q4 25 | 0.32× | 0.93× | ||
| Q3 25 | 0.34× | 0.99× | ||
| Q2 25 | 0.35× | 0.96× | ||
| Q1 25 | 0.30× | 0.95× | ||
| Q4 24 | 0.31× | 0.83× | ||
| Q3 24 | 0.32× | 0.81× | ||
| Q2 24 | 0.32× | 0.76× | ||
| Q1 24 | 0.33× | 0.78× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-11.6M | $23.0M |
| Free Cash FlowOCF − Capex | $-15.6M | $18.1M |
| FCF MarginFCF / Revenue | -9.9% | 22.3% |
| Capex IntensityCapex / Revenue | 2.6% | 6.0% |
| Cash ConversionOCF / Net Profit | -0.92× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $46.1M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-11.6M | $23.0M | ||
| Q3 25 | $21.7M | $-8.6M | ||
| Q2 25 | $14.8M | $13.4M | ||
| Q1 25 | $37.0M | $-4.7M | ||
| Q4 24 | $1.6M | $101.0M | ||
| Q3 24 | $14.1M | $27.5M | ||
| Q2 24 | $12.5M | $34.8M | ||
| Q1 24 | $20.7M | $11.0M |
| Q4 25 | $-15.6M | $18.1M | ||
| Q3 25 | $17.5M | $-9.5M | ||
| Q2 25 | $11.1M | $11.6M | ||
| Q1 25 | $33.1M | $-6.0M | ||
| Q4 24 | $-1.8M | $96.6M | ||
| Q3 24 | $7.8M | $25.2M | ||
| Q2 24 | $7.3M | $33.9M | ||
| Q1 24 | $14.5M | $10.7M |
| Q4 25 | -9.9% | 22.3% | ||
| Q3 25 | 10.7% | -12.6% | ||
| Q2 25 | 6.8% | 15.9% | ||
| Q1 25 | 20.1% | -8.9% | ||
| Q4 24 | -1.1% | 113.6% | ||
| Q3 24 | 5.1% | 34.0% | ||
| Q2 24 | 4.7% | 47.7% | ||
| Q1 24 | 9.4% | 16.2% |
| Q4 25 | 2.6% | 6.0% | ||
| Q3 25 | 2.6% | 1.2% | ||
| Q2 25 | 2.3% | 2.5% | ||
| Q1 25 | 2.4% | 1.9% | ||
| Q4 24 | 2.0% | 5.2% | ||
| Q3 24 | 4.1% | 3.0% | ||
| Q2 24 | 3.4% | 1.3% | ||
| Q1 24 | 4.0% | 0.4% |
| Q4 25 | -0.92× | 2.43× | ||
| Q3 25 | 3.90× | -4.01× | ||
| Q2 25 | 3.29× | 3.96× | ||
| Q1 25 | 4.16× | -1.05× | ||
| Q4 24 | 0.12× | 19.12× | ||
| Q3 24 | 6.22× | 19.54× | ||
| Q2 24 | 33.57× | 4.98× | ||
| Q1 24 | 40.20× | 2.18× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APEI
| American Public Education Inc Segment | $71.0M | 45% |
| Rasmussen University Segment | $66.6M | 42% |
| Hondros College Of Nursing Segment | $20.7M | 13% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
